The formal launch marks the culmination of over twelve months work for Ngā Potiki with their advisers to design the scheme, and over eight months of negotiations with Westpac NZ to finalise the agreement.
The scheme is one of only three shared equity housing schemes in New Zealand designed to assist first time home buyers into home ownership and the property market.
“We are very pleased to be able to deliver this opportunity to our tribal members and provide real and direct benefits through our treaty settlement. We welcome Westpac as a long-term partner to Ngā Potiki.” said Ngā Potiki Chairman, Colin Reeder.
“The scheme will see Ngā Potiki contributing equity as a co-owner with tribal members to buy their first homes and get them on the property ladder. Westpac NZ will provide lending to the member, who will need to satisfy the bank’s normal criteria. As equity builds in the property, the member will be able to buy Ngā Potiki out of the arrangement”, explained Victoria Kingi, Ngā Potiki Housing Project Co- Ordinator.
Westpac NZ CEO David McLean said Westpac is delighted to partner with Ngā Potiki.
“We’re committed to growing New Zealanders’ financial wellbeing and keen to contribute to innovation that helps more New Zealanders into affordable homes.
We think this is a great initiative from Ngā Potiki that helps their members overcome the barrier of needing a large deposit and lowers their loan servicing costs. As the owner’s income or equity rises they can then take on a greater stake until they own the whole property.
With housing increasingly unaffordable in many areas we think shared equity is a solution that has strong potential,” said Mr McLean.
“The provision of quality affordable housing is a critical post treaty settlement strategy for Ngā Potiki, the benefits of which will positively impact many other areas such as health, education, employment, general wellbeing and whanau wealth.
Ngā Potiki has approved the first 21 families who will benefit from the scheme, with construction to commence in October this year,” said Victoria.
Ngā Potiki a Tamapāhore Trust are the owners of housing development, Manawa, in Papamoa, now in its second stage, and are recognised for their literacy and numeracy programmes provided to many schools in Tauranga, including all five Papamoa primary schools, as well as supporting Papamoa College raise Māori attainment of NCEA Level 2. Ngā Potiki is also a foundation member of the Māori and Pasifika Trade Training Consortium that delivers trade training opportunities into the Bay of Plenty region and South Waikato in partnership with industry and Toi Ohomai Institute of Technology, as well as many other initiatives that improve social and economic outcomes for their members. The Ngā Potiki a Tamapāhore Trust is also committed to the protection and preservation of its environmental heritage and sees this as benefiting the wider community as well.
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